Italy Currency: Euro Exchange Rate, Payment Methods & Tips

It's crucial to know the Italy currency before you pack your bags and start your Italy tour. This guide will give you basic information about the Italy currency, exchange rate, and how to deal with finances while exploring this beautiful country. Having the right knowledge of Italy money will ensure your trip goes smoothly and pleasantly.

What Is the Currency in Italy

In 1999, Italy switched its official money from the lira to the euro (EUR, symbolized by €), and the euro is still the official currency in Italy today. One euro is made up of 100 cents. There are banknotes of 5, 10, 20, 50, 100, 200, and 500, but the 100, 200, and 500 EUR notes are less common. Euro coins are divided into 1, 2, 5, 10, 20, and 50 cents, 1 and 2 EUR.

Euro

The Exchange Rate From EUR to USD

After peaking in 2021, the exchange rate between Italy currency euro and the American money dollar is generally declined in the past 3 years. Here is a table for your reference. (Updated in June, 2024)

How to Exchange the Currency

There are several main methods to exchange the Italy currency. Most people will choose to exchange through a bank, as they generally offer more stable and secure exchange rates. In addition, some people may choose to withdraw cash at an ATM, which is often a convenient method. The following is to help you better prepare and plan the currency exchange for your Italy tour.

Dollar and Euro

Exchange Currency in the US

Main Banks

You can exchange euros at major and select branches of the main banks, such as Bank of America, Citibank, and Wells Fargo. Bank of America customers can buy Italy currency online for free. Delivery fees may apply for orders over $1,000. And there may be a minimum amount for Italy currency conversions in Citibank. Additionally, Wells Fargo has cash delivered to your address in 2-7 days. By the way, exchanging euros in the US may result in an unfavorable exchange rate, but you can save the time and hassle of exchanging euros once you arrive in Italy.

ATMs

In some large cities in the United States, there may be some ATMs that can directly provide euros. These ATMs are usually marked with "foreign currency exchange" or similar signs. It should be noted that there may be additional fees (approx. $ 5) and exchange rate fees (approx. 2%) for withdrawing Italy currency using ATMs.

Exchange Currency in Italy

Main Banks

The main banks in Italy that can exchange euros are Banca Monte dei Paschi, Banca Nazionale del Lavoro, Banco BPM, BPER Banca, Cassa Depositi e Prestiti, Crédit Agricole Italia, Intesa Sanpaolo, Mediobanca, UBI Banca, and Unicredit.

Different branches may have different service and fee policies. It's recommended to call in advance or check the official website to learn about the relevant fees and exchange rates. You may be able to exchange Italy money euro at lower fees, especially at a large bank, but sometimes you may need to find a suitable bank, especially in non-major cities or tourist areas.

ATMs

In some major cities and tourist areas in Italy, you can find some ATMs, called bancomats, that provide euro withdrawal services. These ATMs usually have signs indicating that you can use foreign cards to withdraw money. It should be noted that there may be additional fees (approx. $ 5) and exchange rate fees (approx. 3%).

Using an ATM to Withdraw Euros

Currency Exchange Providers

You can exchange money in some specialized Italy currency exchange providers, who may have counters at major airports, train stations or popular tourist areas in Italy, and can usually provide instant exchange services, but may also charge a certain fee.

Hotels and Tourist Centers

Some hotels, large shopping malls or tourist centers may also provide Italy currency exchange services, but the exchange rate may not be the most favorable.

Exchange Tips

Check the Opening Time

Pay attention to Italian bank opening hours, which are usually 9am to 1pm and then 3pm to 4pm or 5pm on weekdays.

Bring Identification

Have your passport or ID ready for in-person exchanges at banks.

Exchange Italy Currency in Advance

Exchange a small amount at the airport for immediate needs, but rates may be less favorable.

Check the Exchange Rates

Exchange rates fluctuate daily. Check online or at the bank for the current rate to get the best deal.

Currency Amount Plan your exchange amount to avoid carrying too much cash.

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The Best Way to Pay

The Main Payment Methods

Cash

Cash is accepted in most places, especially small businesses, markets, and restaurants for small payments, such as buying snacks, coffee, or small items. However, for expensive items or services, it is recommended to check if the merchant accepts cash payment.

Digital Wallet

Some large stores, restaurants, and hotels generally accept mainstream digital wallets such as Apple Pay and Google Pay. They are often quick and easy to pay for things like coffee, snacks, or public transportation.

Bank Card

The most commonly used are Visa and MasterCard, and credit card exchange rates are usually better than local exchange rates. Remember to tell the credit card company about your travel plans to prevent your card from being locked.

Credit Card

How Much Does A Italy Tour Cost

For 3-star and 4-star standards, you may cost 550 to 600 USD on average per day. A 5-star Italy tour may cost 750 USD per day. For a luxury Italy tour, it may cost over 900 USD. However, these prices are just for your information. The cost may vary depending on your travel style and the cities you visit. The following content will give you a detailed introduction.

Hotels

Hotel prices vary by city and location. In major cities such as Rome, Florence or Venice, a mid-range hotel can cost around €100-200 per night. Budget hotels cost between €50 and €100, while luxury hotels can cost as much as €300.

Transportation

Italian cities have efficient public transport systems. A single bus or metro ticket costs about €1.50 to €2.00, while a one-day pass costs between €5 and €7.50. High-speed trains between big cities (such as Rome to Florence) usually cost 20-50 euros. Regional trains are cheap but slow. Taxis start at around 3-5 euros, plus 1-2 euros per kilometer.

Food and Wine

A meal at a mid-range restaurant costs around 15-30 euros per person, or you can enjoy pizza or pasta for €8-15. A cappuccino costs about 1.5-3.00 euros and a scoop of ice cream costs about 2-3 euros.

Italy is famous for its wines. In supermarkets, a bottle of wine can be bought for about 5-15 euros. In restaurants, it costs 15-30 euros.

Sightseeing

Tickets to popular attractions like the Colosseum or the Uffizi are around 15-20 euros. Many museums offer discounted admission to students and free admission on certain days.

More Tips for the Italy Tour

Ask for Receipt or Bill

When shopping in Italy, it's crucial to ask for a receipt or bill for any goods or services you purchase. These documents serve as legal proof of ownership and can prevent fines during inspections. They are essential not only for warranty claims on high-value items but also for applying for tax refunds when departing Italy.

Bargaining in Italy

In Italy, bargaining is generally not the norm. Most shops, supermarkets, and regular retailers have fixed prices and do not bargain with customers. However, in certain markets or small shops, especially in tourist hotspots or when purchasing expensive items, bargaining might be acceptable.

Tipping in Italy

In Italy, tipping isn't obligatory. When dining out, a service charge (coperto) is often included in the bill. If the service charge isn't included, it's customary to leave a modest tip, typically around 5-10% of the total bill, to express satisfaction. In hotels, taxis, and similar services, tipping is appreciated if you feel the service is good.

Beware of Street Vendors

It's also important to pay attention to street vendors who may offer seemingly high-quality products at low prices. But buying from these unlicensed sellers is illegal under Italian law.

Plan Your Italy Tour With Odynovo

Exploring Italy, from romantic Venice to ancient Rome, every step is surrounded by culture. If you're still confused about exchanging currency in Italy, feel free to contact us or write to [email protected], we look forward to creating a perfect Italian dream for you.